(Bloomberg) -- Welcome to Wednesday, Asia. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • The U.S. economy is on the road to recovery but still faces risks and it’s premature to discuss reducing monetary policy support, according to a chorus of Fed officials
  • China’s factories have spent months absorbing shocks. Now manufacturers are starting to pass on their rising input costs to overseas customers, adding to global inflation pressures
  • Australia unveiled a big-spending budget that aims to run the economy hot, joining the U.S. and Europe with a fiscal-monetary tandem that seeks to drive down unemployment
  • A digital token that was launched Monday and goes by the name Internet Computer is already one of the largest cryptocurrencies in the world, with a market value of about $45 billion
  • China’s once-in-a-decade census shows that amid the uncertainties of Covid, the number of births nationwide fell to the lowest level since 1961, when it was recovering from a famine that killed millions
  • South Korea’s jobless rate declined further as hiring improved, suggesting a long-awaited job market recovery is taking hold
  • The Philippines will likely leave its key interest rate unchanged at a record low Wednesday as its economy struggles to gain momentum
  • The euro-area may expand by more than the 4% currently projected by the ECB this year, Governing Council member Klaas Knot says
  • Destination-less flights are emerging as an attempt by duty-free operators to salvage an industry decimated by Covid-19

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